German GDP Growth Beats Estimates in Q2
The German economy expanded a seasonally-adjusted 0.4 percent in the June quarter of 2016, compared to a 0.7 percent growth in first quarter and market expectations of a 0.2 percent expansion, preliminary estimates showed. Positive contributions came from exports, private consumption and government spending while investment in machinery and construction declined.
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In the second quarter, exports were up, while imports were slightly down. Final consumption expenditure of both households and general government also increased. In contrast, a decline was recorded in gross fixed capital formation, especially in machinery and equipment and in construction.
The economic performance in the second quarter of 2016 was achieved by 43.5 million persons in employment in the domestic territory, an increase of 529,000 or 1.2 percent from a year earlier.
Year-on-year, the GDP advanced 3.1 percent, much faster than an upwardly revised 1.5 percent growth in the previous three months. It was the strongest expansion since the second quarter 2011.